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Attorney Bruno M. Rizzo had been friends
with a man since the 1980’s. In the fall of
2000, Rizzo drafted a revocable trust for
the man. The trust named the man as trustee
and a bank as successor trustee.
In August of 2003, Rizzo, at the man’s
instruction, modified the trust to name
Rizzo as successor trustee. Additionally,
the 2003 amendment named Rizzo and his wife
as beneficiaries of the trust, leaving them
each a car upon the man’s death. The prior
version of the trust had left the vehicles
to the man’s half-brother.
Between 2004 and 2012, the trust was amended
four more times. Each time, the man made
changes to the plan of distribution of
certain of his property. No changes were
made to the plan of distribution as it
related to the cars left to Rizzo and his
wife.
In February of 2013, Rizzo at the
instruction of the man, made what would be
the final amendments to the trust. Rizzo
was named as trustee and another attorney in
Rizzo’s firm was named successor trustee.
The final amended trust continued to name
Rizzo and his wife as beneficiaries of the
trust.
The man died on June 6, 2013. The value of
the assets held in his trust was
approximately $1.8 million.
Pursuant to the trust, a 1967 Ford Mustang
was distributed to Rizzo’s wife. The
appraised value of the car was $7200. After
approximately $8000 in repairs, of which the
trust paid approximately $3000, Rizzo’s wife
sold the car for $20,000.
The trust bequeathed to Rizzo a 1985 Jaguar,
valued at $1500. At the time of his death,
the man also owed a 1990 Cadillac, also
valued at $1500, which was to be sold and
the proceeds added to the residue of the
trust. Because the value of the Jaguar and
Cadillac were similar, Rizzo exchanged one
car for the other, thus distributing the
Cadillac to himself. After $1800 in repairs
to the Cadillac, paid for by the trust, the
car was sold for $4500.
Even after significant repairs, the trust
was unable to sell the Jaguar. Feeling it
inappropriate that the trust essentially
take a loss on the Jaguar while he received
the benefit from the sale of the Cadillac,
Rizzo deposited the funds from the sale of
the Cadillac in the trust’s account.
In March of 2015, two beneficiaries of the
trust filed a motion to have Rizzo removed
as trustee. In November 2015, pursuant to a
stipulation, Rizzo was removed as trustee.
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